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Austria Economy 1996

Overview:

Austria boasts a prosperous and stable market economy with a sizable but falling proportion of nationalized industry and with extensive welfare benefits. Thanks to its raw material endowment, a technically skilled labor force, and strong links to German industrial firms, Austria occupies specialized niches in European industry and services (tourism, banking) and produces almost enough food to feed itself with only 8% of the labor force in agriculture. After 11 consecutive years of growth, the Austrian economy experienced a mild recession in 1993, but growth resumed in 1994. Unemployment is 4.3% and will likely stay at that level as companies adjust to the competition of EU membership beginning 1 January 1995. To prepare for EU membership, Austria's government has taken measures to open the economy by introducing a major tax reform, privatizing state-owned firms, and liberalizing cross-border capital movements. Problems for the 1990s include an aging population, the high level of industrial subsidies, and the struggle to keep welfare benefits within budgetary capabilities - the deficit climbed to over 4% of GDP in 1994.

National product:

GDP - purchasing power parity - $139.3 billion (1994 est.)

National product real growth rate:

2.5% (1994 est.)

National product per capita:

$17,500 (1994 est.)

Inflation rate (consumer prices):

3% (1994)

Unemployment rate:

4.3% (1994 est.)

Budget:

revenues:

$52.2 billion

expenditures:

$60.3 billion, including capital expenditures of $NA (1993 est.)

Exports:

$44.1 billion (1994 est.)

commodities:

machinery and equipment, iron and steel, lumber, textiles, paper products, chemicals

partners:

EC 63.5% (Germany 38.9%), EFTA 9.0%, Eastern Europe/FSU 12.3%, Japan 1.5%, US 3.4% (1993)

Imports:

$53.8 billion (1994 est.)

commodities:

petroleum, foodstuffs, machinery and equipment, vehicles, chemicals, textiles and clothing, pharmaceuticals

partners:

EC 66.8% (Germany 41.3%), EFTA 6.7%, Eastern Europe/FSU 7.5%, Japan 4.4%, US 4.4% (1993)

External debt:

$21.5 billion (1994 est.)

Industrial production:

growth rate 2.5% (1994 est.)

Electricity:

capacity:

17,230,000 kW

production:

50.2 billion kWh

consumption per capita:

5,824 kWh (1993)

Industries:

foods, iron and steel, machines, textiles, chemicals, electrical, paper and pulp, tourism, mining, motor vehicles

Agriculture:

accounts for 3.2% of GDP (including forestry); principal crops and animals - grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs, poultry; 80%-90% self-sufficient in food

Illicit drugs:

transshipment point for Southwest Asian heroin transiting the Balkan route and Eastern Europe

Economic aid:

donor:

ODA and OOF commitments (1970-89), $2.4 billion

Currency:

1 Austrian schilling (S) = 100 groschen

Exchange rates:

Austrian schillings (S) per US$1 - 10.774 (January 1995), 11.422 (1994), 11.632 (1993), 10.989 (1992), 11.676 (1991), 11.370 (1990)

Fiscal year:

calendar year

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